Citizens Bank recommends consumers conduct financial check-up for 2009

Citizens Bank is offering consumers some valuable information to help them start off the New Year with a ‘check up’ on their finances.

“People make New Year’s resolutions all the time to improve their health and spend more time with family but it is also very important to remember to give your finances an annual check-up as well,” said Daniel K. Fitzpatrick, Citizens Bank’s President and CEO for Eastern Pennsylvania, New Jersey and Delaware. “The New Year is a chance for consumers to review their finances over the past year and make sure they are looking for opportunities and planning for the future.”

In addition to saving more than you spend, Citizens Bank suggests the following guidelines for good financial health:

Reduce and eliminate debt – Look for lower credit card rates. Consider consolidating high balances to one card with a low interest rate. Pay off credit card balances.

Identify your goals – Set your financial goals for the year. Evaluate your savings as well as your debt.

Build a budget – Write down and analyze your expenses. Compare your income to what you’re spending. Make sure your budget includes monthly savings.

Establish automatic savings – Get into the practice of “paying yourself first” by having part of your paycheck automatically deposited into a savings account. Successful savers start out small and increase the amount over time.

Evaluate your retirement savings strategy – Are you enrolled in your employer’s 401(k) plan? Should an IRA be part of your strategy?

Seek advice – Talk with your banker, financial advisor or accountant for additional suggestions.

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